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No, it’s not April 1st! London agent launches £1 lettings service

Portico says participating landlords will have to do everything themselves and still pay for referencing, protect deposits and organise contracts.

Nigel Lewis

A London estate agent has launched the ultimate budget lettings service that costs landlords just £1 to use.

Timed to appeal to cash-strapped buy-to-let investors, 15-branch Portico says the £1 cost buys seven days’ advertising on the three big portals but not much else.

Clients will have to take and upload their own photos, write the description and conduct viewings either virtually or in person.

Called Portico Direct, it is also a stratebgy to snatch back market share from the plethora of online and hybrid lettings platform in the market at the moment that often considerably under-cut high street agents.

Portico is  marketing the service as a solution for those wanting wanting to rent out their property without using a traditional high street agent while keeping costs down.

lettings“Ultimately, our new offering means private landlords are able to find the right tenants quickly and cost-effectively and, as long as they don’t mind doing some of the legwork, enjoy a better return on investment as a result,” says boss Robert Nichols.

“Lockdown job losses and relocations mean there is still high demand in the private rental sector.

“In fact, according to Rightmove, demand for UK rental properties is up by 22% compared to last year. But despite this, some landlords are still feeling the effect of tougher regulations and taxes. We also know that, for a large proportion of landlords, the costs of managing their property portfolio has grown due to these changes.”

He says seven days is enough time on the portals for landlords to find a tenant. If landlords need longer, they can buy another 14 days for £19 – and repeat as needed.

Portico Direct also helps to up-sell other paid-for online services to landlords including tenant credit checks, tenancy agreements which can be signed digitally, deposit registration, rent guarantee insurance and rent collection.

Read more about Portico.

 

 

 

June 24, 2020

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